India has become the UK's second-largest source of investment in 2008-09 with 108 foreign direct investment projects.

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This marks a quantum jump from the sixth position it held in the previous year with 75 projects, Britain's Trade, Investment and Business Minister Lord Davies told newsmen today.

The new investments included that of GTL Communications, Times of India Group's tie up with Virgin Radio, and in the fields of Science, Engineering and Dynamatics, he said.

There were as many as 1,744 investment projects locating and expanding in the UK and as many as 53 countries had invested here "with investment projects from India increasing by 44 per cent in the past year to become the UK's second largest source - 108 FDI projects", he said.

The USA remained the first source of investment - which this year rose by 30 per cent to 621 projects. Other nations providing increased investment into the UK this year were Italy (up 45 per cent), France (up 15 per cent), Canada (up 25 per cent) and The Gulf (up 25 per cent).

The Hindustan Aeronatical, which already has a tie-up with UK for the manufacture of HAWK, has evinced interest for more collaborations, Lord Davies said. Details are being worked out.

Lord Davies said investments this year created over 35,000 jobs (over 78,000 jobs created or safeguarded). In the past six years, over 215,000 new jobs have been created due to inward investment projects (almost 500,000 jobs created or safeguarded).

Lord Davies, who was in India last week and had a meeting with the new Commerce Minister Anand Sharma, said, "We have historic link with India which is a huge market and there is substantial scope for increase in two-way investment."

He said, "We do expect more and more inward and outward investment from India in the fields of science, engineering and dynamatrics."

Lord Davis said that international trade and investment is vital to the long-term economic health of the UK. Today's results illustrate strong international confidence in the UK economy and the contribution of this investment will be critical to our ability to compete and succeed as a country in the future.

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